|
NOTE
5 - EMPLOYEE BENEFIT PLANS
The Company
has a defined benefit pension plan covering substantially all full-time and eligible part-time associates and a Supplemental Executive
Retirement Plan (SERP) covering its executive officers.
The components
of the net periodic benefit costs for the Company's qualified benefit pension plan were as follows:
| |
|
Three
Months Ended September 30, |
|
Nine
Months Ended September 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Service Cost |
|
$ |
1,715 |
|
|
$ |
1,500 |
|
|
$ |
5,145 |
|
|
$ |
4,500 |
|
| Interest Cost |
|
|
1,438 |
|
|
|
1,400 |
|
|
|
4,313 |
|
|
|
4,200 |
|
| Expected Return on Plan Assets |
|
|
(1,955 |
) |
|
|
(1,875 |
) |
|
|
(5,865 |
) |
|
|
(5,625 |
) |
| Prior Service Cost Amortization |
|
|
77 |
|
|
|
75 |
|
|
|
232 |
|
|
|
225 |
|
| Net Loss Amortization |
|
|
891 |
|
|
|
325 |
|
|
|
2,673 |
|
|
|
975 |
|
| Net Periodic Cost |
|
$ |
2,166 |
|
|
$ |
1,425 |
|
|
$ |
6,498 |
|
|
$ |
4,275 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.15 |
% |
|
|
5.00 |
% |
|
|
4.15 |
% |
|
|
5.00 |
% |
| Long-Term Rate of Return on Assets |
|
|
7.50 |
% |
|
|
7.50 |
% |
|
|
7.50 |
% |
|
|
7.50 |
% |
The components
of the net periodic benefit costs for the Company's SERP were as follows:
| |
|
Three
Months Ended September 30, |
|
Nine
Months Ended September 30, |
| (Dollars
in Thousands) |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| Interest Cost |
|
$ |
34 |
|
|
$ |
28 |
|
|
$ |
101 |
|
|
$ |
84 |
|
| Prior Service Cost Amortization |
|
|
2 |
|
|
|
40 |
|
|
|
5 |
|
|
|
120 |
|
| Net Gain Amortization |
|
|
44 |
|
|
|
(183 |
) |
|
|
134 |
|
|
|
(549 |
) |
| Net Periodic (Benefit)
Cost |
|
$ |
80 |
|
|
$ |
(115 |
) |
|
$ |
240 |
|
|
$ |
(345 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount Rate |
|
|
4.15 |
% |
|
|
5.00 |
% |
|
|
4.15 |
% |
|
|
5.00 |
% |
|